Nucor (NUE) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record steel mill shipments and strong operational performance, with EBITDA of $1.5 billion and EPS of $3.23, reflecting significant improvement over Q4 2025; safety remained a top priority, with 65 divisions reporting zero recordable injuries.

• Net earnings attributable to stockholders reached $743 million ($3.23 per diluted share), up from $378 million in Q4 2025, with net sales of $9.50 billion, a 24% year-over-year increase.

• All three operating segments—steel mills, steel products, and raw materials—reported sequential earnings growth, driven by higher selling prices and volumes.

• Major capital projects, including the West Virginia sheet mill and multiple greenfield facilities, are progressing on schedule and within budget.

• Leadership changes include Jack Sullivan promoted to CFO and Dan Needham retiring as EVP of Commercial.

Financial highlights

• EBITDA for Q1 2026 was $1.51 billion, up from $918 million in Q4 2025 and $696 million in Q1 2025.

• Net earnings were $743 million, with free cash flow of $225 million, reversing a negative FCF in Q4 2025.

• Capital expenditures totaled $661 million in Q1 2026, with 40% allocated to the new West Virginia sheet mill.

• Shareholder returns included $254 million in Q1 2026 via dividends and share repurchases.

• Steel mill segment generated $1.1 billion pre-tax net earnings, more than double the prior quarter.

Outlook and guidance

• Higher consolidated earnings are expected in Q2 2026, with improved performance anticipated across all segments, driven by higher volumes and realized pricing.

• Anticipate earnings and cash flow to trend significantly higher in 2026 versus 2025, supported by non-residential construction, infrastructure demand, and returns from recent investments.

• Shipments projected to grow more than 5% in 2026, with potential for double-digit growth as demand remains robust.

• Backlogs remain strong across long products and steel products, with mega projects and infrastructure spending supporting demand.